Minutes 11/11/1969 - Laserfiche WebLink

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November 11. 1969 The full ~aith and credit of the City of Portsmouth are hereby irrevocably pledged for the payment of the principal and interest of this bond. The principal and interest hereof shall be payable from ad valorem taxes without limitation of rate or amount, if the revenues of the aforesaid undertaking consisting of the water, sewer, and sewage disposal systems are insufficient for that purpose. This bond is not subject to taxation by the City of Portsmouth&and the coupons hereto attached shall, at and after maturity, be received in payment of all dues, taxes and assessments due to the City. IN WITNESS }~MEREOF, the City of Portsmouth has caused this bond to be s~gned by the Mayor and by the Cit~ l Treasurer of said City either of whose signatures hereon may be a facgimite of his signature; a, facsimile of tam seal of the City to be imprinted hereon, attested by the facsimile signature of the City Clerk; the coupons hereto attached to be authenticated by the facsimile signature of the City Treasurer; and this bond to be dated , 19 (SEAL) The .Mayor of the City of Portsmouth, Virginia Attest: City Treasurer City Clerk [FOP&I OF COUPON) NO. The City of Portsmouth, a municipal corporation of the Commonwealth of Virginia, will pay to bearer on the day of , 19 , the sum of in lawful currency of the United States of America, at The Chase Manhattan Ban~; N.A., New York, New York, being six months' interest then due on its Utility Bond dated , 19 NO. City Treasurer' (FO~.q OF REGISTRATION) This bond may be registered in the name of the holder on the books kept by the City Autitor of the City of Portsmouth, Virginia, as Registrar, as to principal only, such registration being noted hereon by the Regis- trar in the registration blank below, after which no transfer shall be effective against the Registrar, the City of Portsmouth and the paying agents for this bond unless made on said books by the registered holder or attorney duly authorized and sim~ilarly noted by the Registrar in the registration blank below; but it may be discharged from such registration by being transferred to bearer, after which it shall be transferable by deliw ery, but it may be again registered as before. The registration of this bond as to principal shall not. restraiE the negotiability by delive~z and the interest made payable only to the registered holder, in which event the Registrar shall note in ~he registration blank below that the bond is registered as to interest as well as to principal. With converted into a bond registered as to both principal and interest may be re~onverted into a coupon bond and again converted into a bond registered as to both principal and interest, as hereinabove pro- vided but always at the expense of the holder. Unon reconversion of this bond, when registered as to principal and interest, into a coupon bond, coupons representing the interest to accrue on this bond to date of maturity shall be attached thereto hy the Registrar~ the bond is registered as to principal only or payable to bearer. DATE OF REGISTRATION: IN IFHOSE N~ REGISTEP~D: ~L/kNNER OF REGISTRATION: SIGNATURE OF REGISTRAR: Section 2. The full fai~q and credit of the City of Portsmouth shall be pledged to the payment of the principal af and interest on the Utility Bonds. The principal and interest of the Utility Bonds shall be payabl from ad valorem taxes without limitation of rate or amount, if the revenues of the undertaking consisting of the water, sewer and sewage disposal systems are insufficient for that purpose. Section 3. Full power and authority is hereby given the City Manager to date the Utility Bonds as of any date within the current fiscal year, and to sell. the Utility Bonds in such manner, either at private or Dffolic sale, and at such time and place, as the City ~4anager may determine; provided, however, that the Utility-Bonds shall not be sold upon a basis which will cost the Ci~yof Portsmou~hinterest on the money received therefor at the rate of more than six per centum per annum, and that no sale shall be made without the approval of the City